Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 15, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CVD EQUIPMENT CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,111,057 | ' |
Entity Public Float | ' | ' | $40,518,370 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000766792 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash and cash equivalents | $11,247,560 | $13,721,324 |
Accounts receivable, net | 2,883,443 | 4,515,124 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,577,969 | 2,730,104 |
Inventories, net | 4,497,349 | 2,742,905 |
Deferred income taxes | 1,443,321 | 189,153 |
Other current assets | 246,240 | 192,438 |
Total Current Assets | 21,895,882 | 24,091,048 |
Property, plant and equipment, net | 15,492,111 | 12,894,154 |
Construction in progress | 128,171 | 4,051,573 |
Deferred income taxes | 710,983 | 568,744 |
Restricted Cash | 800,000 | 800,000 |
Other assets | 70,376 | 78,128 |
Intangible assets, net | 44,116 | 41,614 |
Total Assets | 39,141,639 | 42,525,261 |
Current Liabilities | ' | ' |
Current maturities of long-term debt | 720,000 | 935,822 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 252,890 | 475,905 |
Accounts payable | 468,072 | 888,058 |
Accrued expenses | 1,806,370 | 1,355,389 |
Deferred revenue | 204,527 | 335,404 |
Total Current Liabilities | 3,451,859 | 3,990,578 |
Long-term debt, net of current portion | 4,565,508 | 7,387,019 |
Total Liabilities | 8,017,367 | 11,377,597 |
Commitments and Contingencies (Note 16) | ' | ' |
Common stock - $0.01 par value – 10,000,000 shares authorized: issued and outstanding, 6,091,707 shares at December 31, 2013 and 6,046,970 shares at December 31, 2012 | 60,917 | 60,470 |
Additional paid-in capital | 21,527,375 | 20,990,891 |
Retained earnings | 9,535,980 | 10,096,303 |
Total Stockholders’ Equity | 31,124,272 | 31,147,664 |
Total Liabilities and Stockholders’ Equity | $39,141,639 | $42,525,261 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,091,707 | 6,046,970 |
Common stock, shares outstanding | 6,091,707 | 6,046,970 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue | $17,883,927 | $22,157,737 |
Cost of revenue | 11,173,893 | 14,169,163 |
Gross profit | 6,710,034 | 7,988,574 |
Operating expenses | ' | ' |
Selling and shipping | 1,027,296 | 1,236,699 |
General and administrative | 6,081,783 | 5,123,430 |
Research & development | 1,013,157 | 389,410 |
Bad debt expense | 1,281,352 | ' |
(Gain)/loss on sale of buildings | -887,477 | 693,818 |
Total operating expenses | 8,516,111 | 7,443,357 |
Operating (loss) income | -1,806,077 | 545,217 |
Other income (expense): | ' | ' |
Interest income | 29,931 | 31,620 |
Interest expense | -163,738 | -204,874 |
Other (expense)/income | -16,846 | 28,129 |
Total other (expense) net | -150,653 | -145,125 |
(Loss)/income before income tax expense | -1,956,730 | 400,092 |
Income tax (benefit) | -1,396,407 | -35,494 |
Net (loss)/income | ($560,323) | $435,586 |
Basic (loss)/earnings per common share (in Dollars per share) | ($0.09) | $0.07 |
Diluted (loss)/earnings per common share (in Dollars per share) | ($0.09) | $0.07 |
Weighted average common shares outstanding basic (in Shares) | 6,071,375 | 6,007,326 |
Weighted average common shares outstanding diluted (in Shares) | 6,071,375 | 6,132,237 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2011 | $59,589 | $20,470,367 | $9,660,717 | $30,190,673 |
Balance (in Shares) at Dec. 31, 2011 | 5,958,785 | ' | ' | ' |
Exercise of stock options | 682 | 285,865 | ' | 286,547 |
Exercise of stock options (in Shares) | 68,210 | ' | ' | 68,210 |
Stock-based compensation | 199 | 234,659 | ' | 234,858 |
Stock-based compensation (in Shares) | 19,975 | ' | ' | ' |
Net Income | ' | ' | 435,586 | 435,586 |
Balance at Dec. 31, 2012 | 60,470 | 20,990,891 | 10,096,303 | 31,147,664 |
Balance (in Shares) at Dec. 31, 2012 | 6,046,970 | ' | ' | 6,046,970 |
Exercise of stock options | 167 | 75,569 | ' | 75,736 |
Exercise of stock options (in Shares) | 16,650 | ' | ' | 16,650 |
Stock-based compensation | 280 | 460,915 | ' | 461,195 |
Stock-based compensation (in Shares) | 28,087 | ' | ' | ' |
Net Income | ' | ' | -560,323 | -560,323 |
Balance at Dec. 31, 2013 | $60,917 | $21,527,375 | $9,535,980 | $31,124,272 |
Balance (in Shares) at Dec. 31, 2013 | 6,091,707 | ' | ' | 6,091,707 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash flows from operating activities: | ' | ' | ||
Net (loss)/income | ($560,323) | $435,586 | ||
Stock-based compensation | 461,195 | 234,858 | ||
(Gain)/loss on sale of buildings | -887,477 | 693,818 | ||
(Gain)/loss on sale of other fixed assets | 16,575 | -3,288 | ||
Depreciation and amortization | 646,422 | [1] | 515,215 | [1] |
Deferred income tax expense | -1,396,407 | -178,307 | ||
Provision for doubtful accounts | 75,071 | 6,537 | ||
Accounts receivable | 1,556,610 | -858,082 | ||
Cost in excess of billings on uncompleted contracts | 1,152,135 | 680,720 | ||
Inventories, net | -1,754,444 | 464,168 | ||
Other current assets | -53,801 | -41,635 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | -223,015 | -1,211,305 | ||
Accounts payable | -419,986 | 106,004 | ||
Accrued expenses | 450,982 | -271,888 | ||
Deferred revenue | -130,877 | -754,562 | ||
Total adjustments | -507,017 | -617,747 | ||
Net cash used in operating activities | -1,067,340 | -182,161 | ||
Cash flows from investing activities: | ' | ' | ||
Restricted cash | ' | 200,000 | ||
Capital expenditures | -2,071,557 | -11,796,740 | ||
Deposits | 6,833 | 322,281 | ||
Net cash provided by/(used in) investing activities | 1,555,175 | -9,670,636 | ||
Cash flows from financing activities | ' | ' | ||
Net proceeds from stock options exercised | 75,735 | 286,547 | ||
Proceeds from long-term debt | ' | 6,000,000 | ||
Payments of long-term debt | -3,037,334 | -848,953 | ||
Net cash (used in)/provided by financing activities | -2,961,599 | 5,437,594 | ||
Net decrease in cash and cash equivalents | -2,473,764 | -4,415,203 | ||
Cash and cash equivalents at beginning of year | 13,721,324 | 18,136,527 | ||
Cash and cash equivalents at end of year | 11,247,560 | 13,721,324 | ||
Income taxes paid | 25 | 451,525 | ||
Interest paid | 163,738 | 204,874 | ||
Building [Member] | ' | ' | ||
Cash flows from investing activities: | ' | ' | ||
Proceeds from sale of property, plant and equipment | 3,619,899 | 1,582,323 | ||
Other Fixed Assets [Member] | ' | ' | ||
Cash flows from investing activities: | ' | ' | ||
Proceeds from sale of property, plant and equipment | ' | $21,500 | ||
[1] | Includes amortization expense of $20,434 and $14,096 for the years ending December 31, 2013 and 2012, respectively. Such amortization expense relates toother capitalized and intangible assets. |
Note_1_Business_Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Note 1 – Business Description | |
CVD Equipment Corporation and its subsidiaries (the “Company”), a New York corporation, was organized and commenced operations in October 1982. Its principal business activities include the manufacturing of chemical vapor deposition equipment, customized gas control systems, the manufacturing of process equipment suitable for the synthesis of a variety of one-dimensional nanostructures and nanomaterials and a line of furnaces, all of which are used primarily to produce semiconductors and other electronic components. The Company engages in business throughout the United States and internationally. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Note 2 - Summary of Significant Accounting Policies | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiaries. In December 1998, a subsidiary, Stainless Design Concepts, Ltd., was formed as a New York Corporation. In April 1999, this subsidiary was merged into CVD Equipment Corporation. The Company has two wholly owned subsidiaries: CVD Materials Corporation, which provides marketing for our Application Laboratory and FAE Holdings 411519R, LLC, a real estate holding company whose sole asset is its interest in the real estate and building housing our corporate headquarters.. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The Company’s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the percentage-of-completion method, depreciation and amortization, valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation. | |
Revenue and Cost Recognition | |
Revenues from fixed price contracts are recognized on the percentage of completion method, measured on the basis of incurred costs to estimated total costs for each contract. This cost to cost method is used because management considers it to be the best available measure of progress on these contracts. | |
Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. | |
Selling, general and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. | |
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts,” represents revenues recognized in excess of amounts billed. | |
The liability, “Billing in excess of costs and estimated earnings on uncompleted contracts,” represents amounts billed in excess of revenues earned. | |
Inventories | |
Inventories are valued at the lower of cost (determined on the first-in, first-out method) or market. | |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statements and tax bases of assets and liabilities, as measured by the future enacted tax rates. Deferred tax expense (benefit) is the result of changes in the deferred tax assets and liabilities. The Company records a valuation allowance against deferred tax assets when it is more likely than not that future tax benefits will not be utilized based on a lack of sufficient positive evidence. | |
Investment tax credits are accounted for by the flow-through method reducing income taxes currently payable and the provision for income taxes in the period the assets giving rise to such credits are placed in service. To the extent such credits are not currently utilized on the Company’s tax return, deferred tax assets, subject to considerations about the need for a valuation allowance, are recognized for the carryforward amount. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The accounting guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not believe it has any uncertain tax positions through the year ending December 31, 2013 which would have a material impact on the Company’s consolidated financial statements. | |
The Company and its subsidiaries file combined income tax returns in the U.S. Federal and New York State jurisdiction. In addition, the parent company files standalone tax returns in California, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no longer subject to U.S. federal and state income tax examinations for tax periods before 2010. | |
The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if any, in its income tax provision. The Company had no interest and penalties accrued at December 31, 2013 and 2012. | |
Long Lived Assets | |
Long-lived assets consist primarily of property, plant and equipment. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not be recoverable. When such events or circumstances arise, an estimate of the future undiscounted cash flows produced by the asset, or the appropriate grouping of assets, is compared to the asset’s carrying value to determine if impairment exists pursuant to the requirements of ASC 360-10-35, “Impairment or Disposal of Long-Lived Assets.” If the asset is determined to be impaired, the impairment loss is measured on the excess of its carrying value over its fair value. Assets to be disposed of are reported at the lower of their carrying value or net realizable value. The Company had no recorded impairment charges in the consolidated statement of operations during each of the years ended December 31, 2013 and 2012. | |
Construction in Progress | |
Construction in progress consists of amounts expended for renovating the new facility which was purchased on March 15, 2012. Expenditures for maintenance and repairs are charged to operations as incurred; additions, renewals and betterments are capitalized. | |
Computer Software | |
The Company follows ASC 350-40, “Internal Use Software.” This standard requires certain direct development costs associated with internal-use software to be capitalized including external direct costs of material and services and payroll costs for employees devoting time to the software projects. These costs totaled $10,890 and $4,495 for the years ended December 31, 2013 and 2012, respectively, and are included in Other Assets. All computer software is amortized using the straight-line method over its estimated useful life of three to five years. Amortization expense related to computer software totaled $7,433 and $4,869 for the years ended December 31, 2013 and 2012, respectively. | |
Intangible Assets | |
The cost of intangible assets is being amortized on a straight-line basis over their estimated useful lives ranging from 5 to 20 years. Amortization expense recorded by the Company in 2013 and 2012 totaled $6,964 and $9,228, respectively. | |
Research & Development | |
Research and development costs are expensed as incurred. With our efforts having been utilized exclusively on customer orders, it has historically been included as part of cost of revenue in the consolidated statements of operations. In 2012 we expanded our laboratory staff and began conducting research and development independently. In 2013 we incurred approximately $1,837,000 of research and development expenses of which $1,013,000 were independent of external customer orders compared to 2012, when we incurred approximately $1,330,000 of research and development expenses of which $389,000 were independent of external customer orders. | |
Accounts Receivable | |
Accounts receivable is presented net of an allowance for doubtful accounts of $107,496 and $32,425 as of December 31, 2013 and 2012, respectively. The allowance is based on historical experience and management’s evaluation of the collectability of accounts receivable. Management believes the allowance is adequate. However, future estimates may fluctuate based on changes in economic and customer conditions. The Company doesn’t require collateral from its customers. | |
Product Warranty | |
The Company records warranty costs as incurred and does not provide for possible future costs. Management estimates such costs are immaterial based on historical experience. However, it is reasonably possible that this estimate may differ in future periods. | |
Earnings Per Share | |
Basic net earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during each period. When applicable, diluted earnings per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be adjusted upon exercise of common stock options and warrants. | |
Potential common shares issued are calculated using the treasury stock method, which recognizes the use of proceeds that could be obtained upon the exercise of options and warrants in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common stock at the average market price of the common stock during the period. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and invests its excess cash primarily in money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses based upon historical experience. | |
Fair value of Financial Instruments | |
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and customer deposits approximate fair value due to the relatively short term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities. | |
Stock-Based Compensation | |
The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, “Stock Compensation” using the modified prospective method. ASC 718 requires companies to recognize the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. | |
Shipping and Handling | |
It is the Company’s policy to include freight charges billed to customers in total revenue. The amount included in revenue was $71,179 and $35,779 for the years ended December 31, 2013 and 2012, respectively. Included in selling and shipping expense is $49,232 and $124,541 for shipping and handling costs for each of the years ended 2013 and 2012, respectively. | |
Reclassification | |
Certain items in the comparative financial statements have been reclassified to conform to the current year's presentation. | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-09, Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04. The amendments in this Update apply to certain quantitative disclosure requirements for an employee benefit plan, other than those plans that are subject to the Securities and Exchange Commission’s filing requirements ( hereafter “nonpublic employee benefit plan”), that holds investments in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities and that are within the scope of the disclosure requirements contained in FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments in this Update 2011-04 (Topic 820) of quantitative information about the significant unobservable inputs used in Level 3 fair value measurements for investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities. The amendments in this ASU do not defer the effective date for those certain quantitative disclosures for other nonpublic entity equity securities held in the nonpublic employee benefit plan or any qualitative disclosures. The deferral in this amendment is effective upon issuance for financial statements that have not been issued. This ASU is not expected to have a significant impact of the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the US Treasury rate and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
We believe there is no additional new accounting guidance adopted, but not yet effective that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. |
Note_3_Uncompleted_Contracts
Note 3 - Uncompleted Contracts | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contractors [Abstract] | ' | ||||||||
Long-term Contracts or Programs Disclosure [Text Block] | ' | ||||||||
Note 3 – Uncompleted Contracts | |||||||||
Costs, estimated earnings, and billings on uncompleted contracts are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Costs incurred on uncompleted contracts | $ | 1,807,628 | $ | 10,733,663 | |||||
Estimated earnings | 1,229,038 | 9,465,412 | |||||||
3,036,666 | 20,199,075 | ||||||||
Billings to date | (1,711,587 | ) | (17,944,876 | ) | |||||
$ | 1,325,079 | $ | 2,254,199 | ||||||
2013 | 2012 | ||||||||
Included in accompanying balance sheets | |||||||||
Under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 1,577,969 | $ | 2,730,104 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ | (252,890 | ) | $ | (475,905 | ) | |||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 4 - Inventories | |||||||||
Inventories consist of: | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 4,058,350 | $ | 1,441,370 | |||||
Work-in-process | 300,460 | 304,916 | |||||||
Finished goods | 138,539 | 996,619 | |||||||
Totals | 4,497,349 | 2,742,905 | |||||||
Note_5_Property_Plant_and_Equi
Note 5 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 5 – Property, Plant and Equipment | |||||||||
Major classes of property, plant and equipment consist of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 2,220,000 | $ | 2,110,000 | |||||
Buildings | 6,631,039 | 8,903,514 | |||||||
Building improvements | 5,417,620 | 1,746,712 | |||||||
Machinery and equipment | 2,329,299 | 2,034,012 | |||||||
Furniture and fixtures | 703,999 | 356,460 | |||||||
Computer equipment | 576,111 | 536,206 | |||||||
Transportation equipment | 65,994 | 41,599 | |||||||
Lab equipment | 1,560,251 | 1,560,251 | |||||||
Totals at cost | 19,504,313 | 17,288,754 | |||||||
Less: Accumulated depreciation and amortization | (4,012,202 | ) | (4,394,600 | ) | |||||
$ | 15,492,111 | $ | 12,894,154 | ||||||
Depreciation and amortization expense (1) | $ | 646,422 | $ | 515,215 | |||||
-1 | Includes amortization expense of $20,434 and $14,096 for the years ending December 31, 2013 and 2012, respectively. Such amortization expense relates to other capitalized and intangible assets. | ||||||||
Note_6_Intangible_Assets
Note 6 - Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
Note 6 – Intangible Assets | |||||||||||||||||
2013 | |||||||||||||||||
Intangible Assets | Weighted Average | Cost | Accumulated | Carrying | |||||||||||||
Amortization Period | Amortization | Amount | |||||||||||||||
Patents & Copyrights | 17 | $ | 57,818 | $ | 30,369 | $ | 27,449 | ||||||||||
Intellectual Property | 15 | 100,000 | 83,333 | 16,667 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 248,032 | $ | 203,916 | $ | 44,116 | |||||||||||
2012 | |||||||||||||||||
Intangible Assets | Weighted Average | Cost | Accumulated | Carrying | |||||||||||||
Amortization Period | Amortization | Amount | |||||||||||||||
Patents & Copyrights | 16 | $ | 46,692 | $ | 28,405 | $ | 18,287 | ||||||||||
Intellectual Property | 15 | 100,000 | 76,673 | 23,327 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 236,906 | $ | 186,702 | $ | 41,614 | |||||||||||
The estimated amortization expense related to intangible assets for each of the five succeeding fiscal years and thereafter as of December 31, 2013 is as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
2014 | $ | 7,242 | |||||||||||||||
2015 | 7,008 | ||||||||||||||||
2016 | 6,943 | ||||||||||||||||
2017 | 3,504 | ||||||||||||||||
2018 | 1,839 | ||||||||||||||||
Thereafter | 17,580 | ||||||||||||||||
Total | $ | 44,116 | |||||||||||||||
Note_7_Financing_Arrangements
Note 7 - Financing Arrangements | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Short-term Debt [Text Block] | ' |
Note 7 – Financing Arrangements | |
On August 5, 2011, the Company entered into a $9.1 million credit agreement with HSBC Bank, USA, N.A., (“HSBC”), to replace its $5.0 million Revolving Credit Agreement and $2.1 million of existing mortgages previously held by Capital One Bank, N.A., which was secured by substantially all of the Company’s personal property. This new agreement consists of a $7 million revolving credit facility and a $2.1 million five (5) year term loan. The revolving credit facility permits the Company to borrow on a revolving basis until August 5, 2014. Interest on the unpaid principal balance on this facility accrues at either (i) the LIBOR Rate plus 1.75% or (ii) the bank’s prime rate minus 0.50%. The term loan was used to pay off the existing mortgages previously held by Capital One Bank, N.A. Interest on the unpaid principal balance accrues at a fixed rate of 3.045%. Borrowings under this term loan are collateralized by certain assets as defined under the agreement. | |
Effective as of March 15, 2012, we closed on the purchase of a 120,000 square foot facility located at 355 South Technology Drive, Central Islip, New York (the “Central Islip facility”) through the town of Islip Industrial Development Agency (Note 8). The purchase price for the Property was $7,200,000 exclusive of closing costs. Pursuant to the terms of an Accommodation Agreement, we entered into a loan agreement with HSBC Bank, in the amount of $6,000,000 (the “Loan”), proceeds of which were used to finance a portion of the purchase price on the Central Islip facility. The cash proceeds we received in from the sale of our previously owned headquarters were used to reduce this loan by $1,309,000. The Loan is secured by the mortgage against the Central Islip facility. Interest presently accrues on the Loan, at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50%. This rate was 1.9166% on December 31, 2013 and the loan matures on March 1, 2022. |
Note_8_LongTerm_Debt
Note 8 - Long-Term Debt | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||
Long-term Debt [Text Block] | ' | |||||||||
Note 8 – Long-term Debt | ||||||||||
Long-term debt as of December 31 consists of the following: | ||||||||||
2013 | 2012 | |||||||||
HSBC BANK USA, NA | ||||||||||
$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan is secured by $1 million, provided that, so long as no event of default has occurred and is then continuing, HSBC will release $200,000 of the collateral on each anniversary of the closing date. On August 5, 2012 HSBC released $200,000, to reduce the collateral to $800,000. HSBC did not release any funds in 2013, as we were not in compliance with the terms of one of the covenants of the agreement. | $ | 1,120,000 | $ | 1,540,000 | ||||||
GENERAL ELECTRIC CAPITAL CORPORATION | ||||||||||
$2,700,000 Mortgage payable secured by real property, building and improvements at 1860 Smithtown Avenue, Ronkonkoma, NY pursuant to an installment sale agreement with the Town of Islip Industrial Development Agency; This amount was paid in full on April 5, 2013. | ----- | 1,007,841 | ||||||||
HSBC BANK USA, NA | ||||||||||
$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022. | 4,165,508 | 5,775,000 | ||||||||
Totals | 5,285,508 | 8,322,841 | ||||||||
Less: Current maturities | 720,000 | 935,822 | ||||||||
Long-term debt | 4,565,508 | 7,387,019 | ||||||||
Future maturities of long-term debt as of December 31, 2013 are as follows: | ||||||||||
2014 | $ | 720,000 | ||||||||
2015 | 720,000 | |||||||||
2016 | 580,000 | |||||||||
2017 | 300,000 | |||||||||
2018 | 300,000 | |||||||||
Thereafter | 2,665,508 | |||||||||
$ | 5,285,508 | |||||||||
As of December 31, 2013, we were not in compliance with the terms of the covenants in both HSBC Bank, USA, N.A. loan agreements. We received waivers on the agreements. |
Note_9_Earnings_Per_Share
Note 9 - Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
Note 9 – Earnings per Share | |||||||||
The calculation of basic and diluted weighted average common shares outstanding is as follows: | |||||||||
2013 | 2012 | ||||||||
Weighted average common shares outstanding basic earnings per share | 6,071,375 | 6,007,326 | |||||||
Effect of potential common share issuance: | |||||||||
Stock options | - | 124,911 | |||||||
Weighted average common shares outstanding | |||||||||
Diluted earnings per share | 6,071,375 | 6,132,237 | |||||||
Stock options to purchase 187,730 shares of common stock were outstanding and 162,730 were exercisable at December 31, 2013. At December 31, 2013 none of the outstanding options were included in the earnings per share calculation as their effect would have been anti-dilutive. At December 31, 2012, outstanding options to purchase 200 shares were not included in the diluted earnings per share calculation, because the exercise price was higher than the average market price. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
Note 10 – Income Taxes | |||||||||
At December 31, 2013, the Company had approximately $78,000 of capital loss carryforwards and $2,698,000 of net operating loss carryforwards, $125,000 of New York State investment tax credit carryforwards and $683,000 of federal research and development tax credits. | |||||||||
If not utilized, a portion of the capital loss carryover will expire in 2014, the investment tax credits expire from 2014 through 2028 and the research and development tax credits expire from 2028-2033. Based on the available objective evidence, including the Company’s history of taxable income and the character of that income, management believes it is more likely than not that these components of the Company’s deferred tax assets will be fully utilized. The Company did not provide for an allowance against its total net deferred tax assets at December 31, 2013 but has provided for a partial valuation allowance against its total net deferred tax assets at December 31, 2012 of approximately $475,000 attributable to these components. | |||||||||
The (benefit) expense for income taxes includes the following: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | ---- | $ | 135,031 | |||||
State | ---- | 7,782 | |||||||
Total current tax provision | ---- | 142,813 | |||||||
Deferred: | |||||||||
Federal | (1,230,271 | ) | (150,999 | ) | |||||
State | (166,136 | ) | (27,308 | ) | |||||
Total deferred tax provision | (1,396,407 | ) | (178,307 | ) | |||||
Income tax benefit | $ | (1,396,407 | ) | $ | (35,494 | ) | |||
The tax effects of temporary differences giving rise to significant portions of the net deferred taxes are as follows: | |||||||||
2013 | 2012 | ||||||||
Allowance for doubtful accounts | $ | 45,148 | $ | 13,618 | |||||
Inventory capitalization | 36,591 | 15,792 | |||||||
Depreciation and amortization | (385,907 | ) | (585,231 | ) | |||||
Investment tax credits | 600,000 | 600,000 | |||||||
Research & development tax credits | 683,495 | 435,051 | |||||||
Compensation costs | 239,876 | 235,384 | |||||||
Vacation accrual | 274,307 | 250,046 | |||||||
Capital loss carryforward | 1,135,794 | 268,237 | |||||||
Gross deferred tax asset | 2,629,304 | 1,232,897 | |||||||
Less valuation allowance | (475,000 | ) | (475,000 | ) | |||||
Net deferred tax asset | $ | 2,154,304 | $ | 757,897 | |||||
Net current deferred tax asset | 1,443,321 | 189,153 | |||||||
Net long-term deferred tax asset | 710,983 | 568,744 | |||||||
Net deferred tax asset | $ | 2,154,304 | $ | 757,897 | |||||
The reconciliation of the federal statutory income tax rate to our effective tax rate is as follows: | |||||||||
2013 | 2012 | ||||||||
Expected provision at federal statutory tax rate (34%) | $ | (665,288 | ) | $ | 136,031 | ||||
State taxes, net of federal benefit | (109,650 | ) | (12,887 | ) | |||||
Stock-based compensation expense | (217,648 | ) | (112,008 | ) | |||||
Domestic production activities deduction | --- | (16,298 | ) | ||||||
Capital gains/(losses) carryforward | (111,225 | ) | 104,138 | ||||||
Federal research & development credit | (248,444 | ) | (98,726 | ) | |||||
Other permanent differences | (44,152 | ) | (35,744 | ) | |||||
Income tax benefit | $ | (1,396,407 | ) | $ | (35,494 | ) | |||
Note_11_Stockholders_Equity
Note 11 - Stockholders' Equity | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||||||||||||||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||||||||||
NOTE 11 – Stockholders’ equity | ||||||||||||||||||||||||||||||||||
1989 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||||||
On June 15, 1989, the Company instituted a non-qualified stock option plan (the “Plan”). In connection therewith, 700,000 shares of the Company’s common stock were reserved for issuance pursuant to options that may be granted under the Plan through June 30, 2009. All options granted vest over a four-year period and expire between five to seven years after the date of grant. This 1989 Non-Qualified Stock Option Plan expired in June 2009. | ||||||||||||||||||||||||||||||||||
2001 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||||||
In November 2006, the Company registered a non-qualified stock option plan that the shareholders had approved in July 2001, covering key employees, officers, directors and other persons that may be considered as service providers to the Company. Options were awarded by the Board of Directors or by a committee appointed by the Board. Under the plan, an aggregate of 300,000 shares of Company common stock, $.01 par value, were reserved for issuance or transfer upon the exercise of options which are granted. Unless otherwise provided in the option agreement, options granted under the plan would vest over a four year period commencing one year from the anniversary date of the grant. There were no options granted in 2012. In 2011, 14,000 options were granted to outside directors at an exercise price of $7.90 , which vested as to 25% on each of January 15, April 15, July 15 and October 15 of 2011. These options expire ten years after the date of grant. The stock option plan terminated on July 22, 2011. | ||||||||||||||||||||||||||||||||||
2007 Share Incentive Plan | ||||||||||||||||||||||||||||||||||
On December 12, 2007, shareholders approved the Company’s 2007 Share Incentive Plan (“Incentive Plan”), in connection therewith, 750,000 shares of the Company’s common stock are reserved for issuance pursuant to options or restricted stock that may be granted under the Share Incentive Plan through December 12, 2017. In 2010, 16,500 shares of the Company’s common stock were granted and issued to the Company’s five outside directors. In 2011, 40,400 shares of the Company’s common stock were granted and issued to directors and key employees. In December 2011, the company granted options to purchase 200 shares of its common stock to an outside director. These options expire ten years after the date of grant. In 2012, 19,975 shares of stock were granted and issued to the Company’s four outside directors and key employees. In 2013, 28,087 shares of stock were granted and issued to directors and key employees. | ||||||||||||||||||||||||||||||||||
The purchase price of the common stock under each option plan shall be determined by the Committee, provided, however, that such purchase price shall not be less than the fair market value of the shares on the date such option is granted. The stock options generally expire seven to ten years after the date of grant. The Company recorded stock-based compensation of $461,195 and $234,858 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
A summary of the stock option activity related to the 1989 and 2001 Stock Option Plans and the 2007 Share Incentive Plan for the period from January 1, 2011 through December 31, 2012 is as follows: | ||||||||||||||||||||||||||||||||||
1989 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||||||
Year ended December 31, 2012 Number of shares | 102,000 | -0- | 60,100 | 0 | 41,900 | 41,900 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.35 | -0- | -0- | -0- | $ | 4.82 | $ | 4.82 | |||||||||||||||||||||||||
Year ended December 31, 2013 Number of shares | 41,900 | -0- | 6,650 | -0- | 35,250 | 35,250 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.82 | -0- | -0- | -0- | $ | 4.62 | $ | 4.62 | |||||||||||||||||||||||||
2001 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||||||
Year ended December 31, 2012 Number of shares | 170,590 | -0- | 8,110 | -0- | 162,480 | 124,980 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.41 | -0- | -0- | -0- | $ | 4.35 | $ | 4.27 | |||||||||||||||||||||||||
Year ended December 31, 2013 Number of shares | 162,480 | -0- | 10,000 | -0- | 152,480 | 127,480 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.35 | -0- | -0- | -0- | $ | 4.4 | $ | 4.35 | |||||||||||||||||||||||||
2007 Share Incentive Plan | ||||||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||||||
Year ended December 31, 2012 Number of shares | 200 | -0- | -0- | -0- | 200 | 200 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 11.51 | $ | 11.51 | $ | 11.51 | ||||||||||||||||||||||||||||
Year ended December 31, 2013 Number of shares | 200 | -0- | -0- | 200 | -0- | -0- | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | ||||||||||||||||||||||||||||||||||
The Company has 187,730 of outstanding stock options under the three Plans at December 31, 2013. | ||||||||||||||||||||||||||||||||||
The following table summarizes information about the outstanding and exercisable options at December 31, 2013. | ||||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||||||
Exercise | Number | Remaining | Exercise | Intrinsic | Number | Exercise | Intrinsic | |||||||||||||||||||||||||||
Price Range | Outstanding | Contractual | Price | Value | Exercisable | Price | Value | |||||||||||||||||||||||||||
$ | 3 | - | 3.99 | 62,000 | 3.95 | $ | 3.65 | $ | 675,180 | 62,000 | $ | 3.65 | $ | 675,180 | ||||||||||||||||||||
$ | 4 | - | 4.49 | 15,930 | 6.04 | $ | 4.25 | $ | 163,920 | 15,930 | $ | 4.25 | $ | 163,920 | ||||||||||||||||||||
$ | 4.5 | - | 4.99 | 100,000 | 3.78 | $ | 4.62 | $ | 992,000 | 75,000 | $ | 4.62 | $ | 744,000 | ||||||||||||||||||||
$ | 5 | - | 7.99 | 9,800 | 7.04 | $ | 7.9 | $ | 65,072 | 9,800 | $ | 7.9 | $ | 65,072 | ||||||||||||||||||||
The intrinsic value of the 16,650 options exercised during the year ended December 31, 2013 was $90,988. The intrinsic value of the 68,210 options exercised during the year ended December 31, 2012 was $442,907. | ||||||||||||||||||||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||||||||||||
The following table summarizes restricted stock awards for the year ended December 31, 2013: | ||||||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||||||
Shares of | Date Fair | |||||||||||||||||||||||||||||||||
Restricted Stock | Value | |||||||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2012 | 20,000 | $ | 10.97 | |||||||||||||||||||||||||||||||
Granted | 8,000 | $ | 12.32 | |||||||||||||||||||||||||||||||
Vested | (12,000 | ) | $ | 11.87 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2012 | 16,000 | $ | 10.97 | |||||||||||||||||||||||||||||||
Granted | 7,800 | $ | 10.16 | |||||||||||||||||||||||||||||||
Vested | (11,800 | ) | $ | 10.43 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 12,000 | $ | 10.97 | |||||||||||||||||||||||||||||||
The total fair value of shares of restricted stock awards vested for the years ended December 31, 2013 and 2012 was approximately $123,000 and $142,000 respectively | ||||||||||||||||||||||||||||||||||
The fair value of the outstanding restricted stock awards will be recorded as stock compensation expense over the vesting period. As of December 31, 2013 there was $132,000 of unrecognized compensation costs related to restricted stock awards, which is to be recognized over a period of 2.35 years. | ||||||||||||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||||||
Shares of | Average Grant | |||||||||||||||||||||||||||||||||
Restricted | Date Fair | |||||||||||||||||||||||||||||||||
Stock Units | Value | |||||||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2012 | 35,300 | $ | 7.19 | |||||||||||||||||||||||||||||||
Granted | 7,125 | $ | 11.95 | |||||||||||||||||||||||||||||||
Vested | (11,850 | ) | $ | 7.22 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2012 | 30,575 | $ | 8.29 | |||||||||||||||||||||||||||||||
Granted | 133,955 | $ | 11.66 | |||||||||||||||||||||||||||||||
Vested | (20,287 | ) | $ | 9.38 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 144,243 | $ | 11.26 | |||||||||||||||||||||||||||||||
The total fair value of vested restricted stock units was $190,000 and $86,000 respectively for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||
The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 2013, there was $1,624,000 of total unrecognized compensation costs related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.51 years. | ||||||||||||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, the Company recorded into selling and general administrative expense approximately $462,000 and $235,000 for the cost of employee and director services received in exchange for equity instruments based on the grant-date fair value of those instruments in accordance with the provisions of ASC 718. |
Note_12_Defined_Contribution_P
Note 12 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Note 12 – Defined Contribution Plan | |
On August 1, 1998, the Company adopted a 401(k) Plan for the benefit of all eligible employees. All employees as of the effective date of the 401(k) Plan became eligible. An employee who became employed after August 1, 1998 would become a participant after three months of continuous service. | |
Participants may elect to contribute from their compensation any amount up to the maximum deferral allowed by the Internal Revenue Code. Employer contributions are optional. During the years ended December 31, 2013 and 2012, the Company incurred administrative costs totaling $2,380 and $2,317 respectively. No discretionary employer contribution has been made for 2013 and 2012. |
Note_13_Significant_Risks_and_
Note 13 - Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
Note 13 – Significant Risks and Uncertainties | |
Cash and Cash Equivalents | |
The Company places most of its temporary cash investments with financial institutions, which from time to time may exceed the Federal Deposit Insurance Corporation limit. The amount at risk at December 31, 2013 and at December 31, 2012 was $9,834,765 and $4,397,166, respectively. | |
Sales Concentrations | |
Revenue to a single customer in any one year can exceed 10.0% of our total sales. In fiscal year 2013 one customer represented 23.7% of our annual revenues and in 2012 another customer represented 16.6% of our annual revenues, respectively. We are not dependent on any single customer, and the loss of any key customer would have to be replaced by others, as we have previously, or our inability to do so may have a material adverse effect on our business and financial condition. | |
Export sales to unaffiliated customers represented approximately 27.3% and 24.4% of sales for the years ended December 31, 2013 and 2012, respectively. Export sales in both 2013 and 2012 were primarily to customers in Europe and Asia. All contracts are denominated in U.S. dollars. The Company does not enter into any foreign exchange contracts. |
Note_14_Related_Party_Transact
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 14 – Related Party Transactions | |
The Company maintains bank accounts and deposits cash in Community National Bank. Conrad Gunther, a director of the Company, is a Senior Vice President and Senior Loan Officer at Community National Bank. The Company does not pay any fees to Mr. Gunther or Community National Bank in connection with this investment vehicle. |
Note_15_Segment_Reporting
Note 15 - Segment Reporting | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 15 – Segment Reporting | |||||||||||||||||
The Company adopted ASC 280, “Segment Reporting.” The Company operates through (2) segments, CVD and SDC. The CVD division is utilized for silicon, silicon germanium, silicon carbide and gallium arsenide processes. SDC is the Company’s ultra-high purity manufacturing division in Saugerties, New York. The accounting policies of CVD and SDC are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based on several factors, of which the primary financial measure is earnings before taxes. | |||||||||||||||||
The following table presents certain information regarding the Company’s segments as of December 31, 2013 and for the year then ended: | |||||||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 39,783,689 | $ | 6,334,352 | $ | (6,976,402 | ) | $ | 39,141,639 | ||||||||
Revenue | $ | 13,136,083 | $ | 5,155,641 | $ | (407,797 | ) | $ | 17,883,927 | ||||||||
Interest Expense | 162,914 | 824 | 163,738 | ||||||||||||||
Depreciation and Amortization | 571,046 | 75,376 | 646,422 | ||||||||||||||
Capital expenditures | 1,954,621 | 116,936 | 2,071,557 | ||||||||||||||
Pretax (loss)/earnings | (2,697,114 | ) | 740,384 | (1,956,730 | ) | ||||||||||||
The following table presents certain information regarding the Company’s segments as of December 31, 2012 and for the year then ended: | |||||||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 43,872,295 | $ | 4,628,432 | $ | (5,975,466 | ) | $ | 42,525,261 | ||||||||
Revenue | $ | 19,149,704 | $ | 4,394,945 | $ | (1,386,912 | ) | $ | 22,157,737 | ||||||||
Interest Expense | 195,861 | 9,013 | 204,874 | ||||||||||||||
Depreciation and amortization | 442,227 | 72,988 | 515,215 | ||||||||||||||
Capital expenditures | 11,767,024 | 29,716 | 11,796,740 | ||||||||||||||
Pretax (loss)/earnings | (18,722 | ) | 418,814 | 400,092 | |||||||||||||
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 16 - Commitments and Contingencies | |
Legal Proceedings | |
On January 26, 2010, the Company commenced an action against Taiwan Glass Industrial Corp. (“Taiwan Glass”) in the United States District Court for the Southern District of New York. By that action, the Company seeks monetary damages ($5,816,000) against Taiwan Glass for breach of contract. The Company believes that Taiwan Glass has no legal basis for unilaterally refusing to accept and pay for equipment specially manufactured for them and shipped to them by the Company. Taiwan Glass has interposed an answer and counterclaims denying these allegations and is seeking unspecified monetary damages. On April 12, 2012, Taiwan Glass filed a Motion seeking Partial Summary Judgment in the amount of $3,564,000 (representing the portion of the purchase price that it had previously paid to the Company). By Memorandum and Order dated November 7, 2012, the Court denied the Taiwan Glass Motion in its entirety. Discovery has been completed. The Company is vigorously pursuing its claims against Taiwan Glass and defending against counterclaims. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiaries. In December 1998, a subsidiary, Stainless Design Concepts, Ltd., was formed as a New York Corporation. In April 1999, this subsidiary was merged into CVD Equipment Corporation. The Company has two wholly owned subsidiaries: CVD Materials Corporation, which provides marketing for our Application Laboratory and FAE Holdings 411519R, LLC, a real estate holding company whose sole asset is its interest in the real estate and building housing our corporate headquarters.. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The Company’s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the percentage-of-completion method, depreciation and amortization, valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation. | |
Revenue Recognition, Percentage-of-Completion Method [Policy Text Block] | ' |
Revenue and Cost Recognition | |
Revenues from fixed price contracts are recognized on the percentage of completion method, measured on the basis of incurred costs to estimated total costs for each contract. This cost to cost method is used because management considers it to be the best available measure of progress on these contracts. | |
Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. | |
Selling, general and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. | |
The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts,” represents revenues recognized in excess of amounts billed. | |
The liability, “Billing in excess of costs and estimated earnings on uncompleted contracts,” represents amounts billed in excess of revenues earned. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are valued at the lower of cost (determined on the first-in, first-out method) or market. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statements and tax bases of assets and liabilities, as measured by the future enacted tax rates. Deferred tax expense (benefit) is the result of changes in the deferred tax assets and liabilities. The Company records a valuation allowance against deferred tax assets when it is more likely than not that future tax benefits will not be utilized based on a lack of sufficient positive evidence. | |
Investment tax credits are accounted for by the flow-through method reducing income taxes currently payable and the provision for income taxes in the period the assets giving rise to such credits are placed in service. To the extent such credits are not currently utilized on the Company’s tax return, deferred tax assets, subject to considerations about the need for a valuation allowance, are recognized for the carryforward amount. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The accounting guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not believe it has any uncertain tax positions through the year ending December 31, 2013 which would have a material impact on the Company’s consolidated financial statements. | |
The Company and its subsidiaries file combined income tax returns in the U.S. Federal and New York State jurisdiction. In addition, the parent company files standalone tax returns in California, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no longer subject to U.S. federal and state income tax examinations for tax periods before 2010. | |
The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if any, in its income tax provision. The Company had no interest and penalties accrued at December 31, 2013 and 2012. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Long Lived Assets | |
Long-lived assets consist primarily of property, plant and equipment. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not be recoverable. When such events or circumstances arise, an estimate of the future undiscounted cash flows produced by the asset, or the appropriate grouping of assets, is compared to the asset’s carrying value to determine if impairment exists pursuant to the requirements of ASC 360-10-35, “Impairment or Disposal of Long-Lived Assets.” If the asset is determined to be impaired, the impairment loss is measured on the excess of its carrying value over its fair value. Assets to be disposed of are reported at the lower of their carrying value or net realizable value. The Company had no recorded impairment charges in the consolidated statement of operations during each of the years ended December 31, 2013 and 2012. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Construction in Progress | |
Construction in progress consists of amounts expended for renovating the new facility which was purchased on March 15, 2012. Expenditures for maintenance and repairs are charged to operations as incurred; additions, renewals and betterments are capitalized. | |
Internal Use Software, Policy [Policy Text Block] | ' |
Computer Software | |
The Company follows ASC 350-40, “Internal Use Software.” This standard requires certain direct development costs associated with internal-use software to be capitalized including external direct costs of material and services and payroll costs for employees devoting time to the software projects. These costs totaled $10,890 and $4,495 for the years ended December 31, 2013 and 2012, respectively, and are included in Other Assets. All computer software is amortized using the straight-line method over its estimated useful life of three to five years. Amortization expense related to computer software totaled $7,433 and $4,869 for the years ended December 31, 2013 and 2012, respectively. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' |
Intangible Assets | |
The cost of intangible assets is being amortized on a straight-line basis over their estimated useful lives ranging from 5 to 20 years. Amortization expense recorded by the Company in 2013 and 2012 totaled $6,964 and $9,228, respectively. | |
Research, Development, and Computer Software, Policy [Policy Text Block] | ' |
Research & Development | |
Research and development costs are expensed as incurred. With our efforts having been utilized exclusively on customer orders, it has historically been included as part of cost of revenue in the consolidated statements of operations. In 2012 we expanded our laboratory staff and began conducting research and development independently. In 2013 we incurred approximately $1,837,000 of research and development expenses of which $1,013,000 were independent of external customer orders compared to 2012, when we incurred approximately $1,330,000 of research and development expenses of which $389,000 were independent of external customer orders. | |
Receivables, Policy [Policy Text Block] | ' |
Accounts Receivable | |
Accounts receivable is presented net of an allowance for doubtful accounts of $107,496 and $32,425 as of December 31, 2013 and 2012, respectively. The allowance is based on historical experience and management’s evaluation of the collectability of accounts receivable. Management believes the allowance is adequate. However, future estimates may fluctuate based on changes in economic and customer conditions. The Company doesn’t require collateral from its customers. | |
Standard Product Warranty, Policy [Policy Text Block] | ' |
Product Warranty | |
The Company records warranty costs as incurred and does not provide for possible future costs. Management estimates such costs are immaterial based on historical experience. However, it is reasonably possible that this estimate may differ in future periods. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
Basic net earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during each period. When applicable, diluted earnings per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be adjusted upon exercise of common stock options and warrants. | |
Potential common shares issued are calculated using the treasury stock method, which recognizes the use of proceeds that could be obtained upon the exercise of options and warrants in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common stock at the average market price of the common stock during the period. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and invests its excess cash primarily in money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses based upon historical experience. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair value of Financial Instruments | |
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and customer deposits approximate fair value due to the relatively short term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, “Stock Compensation” using the modified prospective method. ASC 718 requires companies to recognize the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and Handling | |
It is the Company’s policy to include freight charges billed to customers in total revenue. The amount included in revenue was $71,179 and $35,779 for the years ended December 31, 2013 and 2012, respectively. Included in selling and shipping expense is $49,232 and $124,541 for shipping and handling costs for each of the years ended 2013 and 2012, respectively. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassification | |
Certain items in the comparative financial statements have been reclassified to conform to the current year's presentation. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-09, Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04. The amendments in this Update apply to certain quantitative disclosure requirements for an employee benefit plan, other than those plans that are subject to the Securities and Exchange Commission’s filing requirements ( hereafter “nonpublic employee benefit plan”), that holds investments in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities and that are within the scope of the disclosure requirements contained in FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments in this Update 2011-04 (Topic 820) of quantitative information about the significant unobservable inputs used in Level 3 fair value measurements for investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities. The amendments in this ASU do not defer the effective date for those certain quantitative disclosures for other nonpublic entity equity securities held in the nonpublic employee benefit plan or any qualitative disclosures. The deferral in this amendment is effective upon issuance for financial statements that have not been issued. This ASU is not expected to have a significant impact of the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the US Treasury rate and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
We believe there is no additional new accounting guidance adopted, but not yet effective that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. |
Note_3_Uncompleted_Contracts_T
Note 3 - Uncompleted Contracts (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contractors [Abstract] | ' | ||||||||
Schedule of Cost and Estimated Earnings In Excess of Billings [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Costs incurred on uncompleted contracts | $ | 1,807,628 | $ | 10,733,663 | |||||
Estimated earnings | 1,229,038 | 9,465,412 | |||||||
3,036,666 | 20,199,075 | ||||||||
Billings to date | (1,711,587 | ) | (17,944,876 | ) | |||||
$ | 1,325,079 | $ | 2,254,199 | ||||||
2013 | 2012 | ||||||||
Included in accompanying balance sheets | |||||||||
Under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 1,577,969 | $ | 2,730,104 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ | (252,890 | ) | $ | (475,905 | ) |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 4,058,350 | $ | 1,441,370 | |||||
Work-in-process | 300,460 | 304,916 | |||||||
Finished goods | 138,539 | 996,619 | |||||||
Totals | 4,497,349 | 2,742,905 |
Note_5_Property_Plant_and_Equi1
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Land | $ | 2,220,000 | $ | 2,110,000 | |||||
Buildings | 6,631,039 | 8,903,514 | |||||||
Building improvements | 5,417,620 | 1,746,712 | |||||||
Machinery and equipment | 2,329,299 | 2,034,012 | |||||||
Furniture and fixtures | 703,999 | 356,460 | |||||||
Computer equipment | 576,111 | 536,206 | |||||||
Transportation equipment | 65,994 | 41,599 | |||||||
Lab equipment | 1,560,251 | 1,560,251 | |||||||
Totals at cost | 19,504,313 | 17,288,754 | |||||||
Less: Accumulated depreciation and amortization | (4,012,202 | ) | (4,394,600 | ) | |||||
$ | 15,492,111 | $ | 12,894,154 | ||||||
Depreciation and amortization expense (1) | $ | 646,422 | $ | 515,215 |
Note_6_Intangible_Assets_Table
Note 6 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||
Intangible Assets | Weighted Average | Cost | Accumulated | Carrying | |||||||||||||
Amortization Period | Amortization | Amount | |||||||||||||||
Patents & Copyrights | 17 | $ | 57,818 | $ | 30,369 | $ | 27,449 | ||||||||||
Intellectual Property | 15 | 100,000 | 83,333 | 16,667 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 248,032 | $ | 203,916 | $ | 44,116 | |||||||||||
Intangible Assets | Weighted Average | Cost | Accumulated | Carrying | |||||||||||||
Amortization Period | Amortization | Amount | |||||||||||||||
Patents & Copyrights | 16 | $ | 46,692 | $ | 28,405 | $ | 18,287 | ||||||||||
Intellectual Property | 15 | 100,000 | 76,673 | 23,327 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 236,906 | $ | 186,702 | $ | 41,614 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||
Year Ended | |||||||||||||||||
2014 | $ | 7,242 | |||||||||||||||
2015 | 7,008 | ||||||||||||||||
2016 | 6,943 | ||||||||||||||||
2017 | 3,504 | ||||||||||||||||
2018 | 1,839 | ||||||||||||||||
Thereafter | 17,580 | ||||||||||||||||
Total | $ | 44,116 |
Note_8_LongTerm_Debt_Tables
Note 8 - Long-Term Debt (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||
2013 | 2012 | |||||||||
HSBC BANK USA, NA | ||||||||||
$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan is secured by $1 million, provided that, so long as no event of default has occurred and is then continuing, HSBC will release $200,000 of the collateral on each anniversary of the closing date. On August 5, 2012 HSBC released $200,000, to reduce the collateral to $800,000. HSBC did not release any funds in 2013, as we were not in compliance with the terms of one of the covenants of the agreement. | $ | 1,120,000 | $ | 1,540,000 | ||||||
GENERAL ELECTRIC CAPITAL CORPORATION | ||||||||||
$2,700,000 Mortgage payable secured by real property, building and improvements at 1860 Smithtown Avenue, Ronkonkoma, NY pursuant to an installment sale agreement with the Town of Islip Industrial Development Agency; This amount was paid in full on April 5, 2013. | ----- | 1,007,841 | ||||||||
HSBC BANK USA, NA | ||||||||||
$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022. | 4,165,508 | 5,775,000 | ||||||||
Totals | 5,285,508 | 8,322,841 | ||||||||
Less: Current maturities | 720,000 | 935,822 | ||||||||
Long-term debt | 4,565,508 | 7,387,019 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||
2014 | $ | 720,000 | ||||||||
2015 | 720,000 | |||||||||
2016 | 580,000 | |||||||||
2017 | 300,000 | |||||||||
2018 | 300,000 | |||||||||
Thereafter | 2,665,508 | |||||||||
$ | 5,285,508 |
Note_9_Earnings_Per_Share_Tabl
Note 9 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Weighted average common shares outstanding basic earnings per share | 6,071,375 | 6,007,326 | |||||||
Effect of potential common share issuance: | |||||||||
Stock options | - | 124,911 | |||||||
Weighted average common shares outstanding | |||||||||
Diluted earnings per share | 6,071,375 | 6,132,237 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | ---- | $ | 135,031 | |||||
State | ---- | 7,782 | |||||||
Total current tax provision | ---- | 142,813 | |||||||
Deferred: | |||||||||
Federal | (1,230,271 | ) | (150,999 | ) | |||||
State | (166,136 | ) | (27,308 | ) | |||||
Total deferred tax provision | (1,396,407 | ) | (178,307 | ) | |||||
Income tax benefit | $ | (1,396,407 | ) | $ | (35,494 | ) | |||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Allowance for doubtful accounts | $ | 45,148 | $ | 13,618 | |||||
Inventory capitalization | 36,591 | 15,792 | |||||||
Depreciation and amortization | (385,907 | ) | (585,231 | ) | |||||
Investment tax credits | 600,000 | 600,000 | |||||||
Research & development tax credits | 683,495 | 435,051 | |||||||
Compensation costs | 239,876 | 235,384 | |||||||
Vacation accrual | 274,307 | 250,046 | |||||||
Capital loss carryforward | 1,135,794 | 268,237 | |||||||
Gross deferred tax asset | 2,629,304 | 1,232,897 | |||||||
Less valuation allowance | (475,000 | ) | (475,000 | ) | |||||
Net deferred tax asset | $ | 2,154,304 | $ | 757,897 | |||||
Net current deferred tax asset | 1,443,321 | 189,153 | |||||||
Net long-term deferred tax asset | 710,983 | 568,744 | |||||||
Net deferred tax asset | $ | 2,154,304 | $ | 757,897 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Expected provision at federal statutory tax rate (34%) | $ | (665,288 | ) | $ | 136,031 | ||||
State taxes, net of federal benefit | (109,650 | ) | (12,887 | ) | |||||
Stock-based compensation expense | (217,648 | ) | (112,008 | ) | |||||
Domestic production activities deduction | --- | (16,298 | ) | ||||||
Capital gains/(losses) carryforward | (111,225 | ) | 104,138 | ||||||
Federal research & development credit | (248,444 | ) | (98,726 | ) | |||||
Other permanent differences | (44,152 | ) | (35,744 | ) | |||||
Income tax benefit | $ | (1,396,407 | ) | $ | (35,494 | ) |
Note_11_Stockholders_Equity_Ta
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||||||
Year ended December 31, 2012 Number of shares | 102,000 | -0- | 60,100 | 0 | 41,900 | 41,900 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.35 | -0- | -0- | -0- | $ | 4.82 | $ | 4.82 | |||||||||||||||||||||||||
Year ended December 31, 2013 Number of shares | 41,900 | -0- | 6,650 | -0- | 35,250 | 35,250 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.82 | -0- | -0- | -0- | $ | 4.62 | $ | 4.62 | |||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||||||
Year ended December 31, 2012 Number of shares | 170,590 | -0- | 8,110 | -0- | 162,480 | 124,980 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.41 | -0- | -0- | -0- | $ | 4.35 | $ | 4.27 | |||||||||||||||||||||||||
Year ended December 31, 2013 Number of shares | 162,480 | -0- | 10,000 | -0- | 152,480 | 127,480 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 4.35 | -0- | -0- | -0- | $ | 4.4 | $ | 4.35 | |||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||||||
Year ended December 31, 2012 Number of shares | 200 | -0- | -0- | -0- | 200 | 200 | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | $ | 11.51 | $ | 11.51 | $ | 11.51 | ||||||||||||||||||||||||||||
Year ended December 31, 2013 Number of shares | 200 | -0- | -0- | 200 | -0- | -0- | ||||||||||||||||||||||||||||
Weighted average exercise price Per share | ||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||||||
Exercise | Number | Remaining | Exercise | Intrinsic | Number | Exercise | Intrinsic | |||||||||||||||||||||||||||
Price Range | Outstanding | Contractual | Price | Value | Exercisable | Price | Value | |||||||||||||||||||||||||||
$ | 3 | - | 3.99 | 62,000 | 3.95 | $ | 3.65 | $ | 675,180 | 62,000 | $ | 3.65 | $ | 675,180 | ||||||||||||||||||||
$ | 4 | - | 4.49 | 15,930 | 6.04 | $ | 4.25 | $ | 163,920 | 15,930 | $ | 4.25 | $ | 163,920 | ||||||||||||||||||||
$ | 4.5 | - | 4.99 | 100,000 | 3.78 | $ | 4.62 | $ | 992,000 | 75,000 | $ | 4.62 | $ | 744,000 | ||||||||||||||||||||
$ | 5 | - | 7.99 | 9,800 | 7.04 | $ | 7.9 | $ | 65,072 | 9,800 | $ | 7.9 | $ | 65,072 | ||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||||||
Shares of | Date Fair | |||||||||||||||||||||||||||||||||
Restricted Stock | Value | |||||||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2012 | 20,000 | $ | 10.97 | |||||||||||||||||||||||||||||||
Granted | 8,000 | $ | 12.32 | |||||||||||||||||||||||||||||||
Vested | (12,000 | ) | $ | 11.87 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2012 | 16,000 | $ | 10.97 | |||||||||||||||||||||||||||||||
Granted | 7,800 | $ | 10.16 | |||||||||||||||||||||||||||||||
Vested | (11,800 | ) | $ | 10.43 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 12,000 | $ | 10.97 | |||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||||||
Shares of | Average Grant | |||||||||||||||||||||||||||||||||
Restricted | Date Fair | |||||||||||||||||||||||||||||||||
Stock Units | Value | |||||||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2012 | 35,300 | $ | 7.19 | |||||||||||||||||||||||||||||||
Granted | 7,125 | $ | 11.95 | |||||||||||||||||||||||||||||||
Vested | (11,850 | ) | $ | 7.22 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2012 | 30,575 | $ | 8.29 | |||||||||||||||||||||||||||||||
Granted | 133,955 | $ | 11.66 | |||||||||||||||||||||||||||||||
Vested | (20,287 | ) | $ | 9.38 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 144,243 | $ | 11.26 |
Note_15_Segment_Reporting_Tabl
Note 15 - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 39,783,689 | $ | 6,334,352 | $ | (6,976,402 | ) | $ | 39,141,639 | ||||||||
Revenue | $ | 13,136,083 | $ | 5,155,641 | $ | (407,797 | ) | $ | 17,883,927 | ||||||||
Interest Expense | 162,914 | 824 | 163,738 | ||||||||||||||
Depreciation and Amortization | 571,046 | 75,376 | 646,422 | ||||||||||||||
Capital expenditures | 1,954,621 | 116,936 | 2,071,557 | ||||||||||||||
Pretax (loss)/earnings | (2,697,114 | ) | 740,384 | (1,956,730 | ) | ||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 43,872,295 | $ | 4,628,432 | $ | (5,975,466 | ) | $ | 42,525,261 | ||||||||
Revenue | $ | 19,149,704 | $ | 4,394,945 | $ | (1,386,912 | ) | $ | 22,157,737 | ||||||||
Interest Expense | 195,861 | 9,013 | 204,874 | ||||||||||||||
Depreciation and amortization | 442,227 | 72,988 | 515,215 | ||||||||||||||
Capital expenditures | 11,767,024 | 29,716 | 11,796,740 | ||||||||||||||
Pretax (loss)/earnings | (18,722 | ) | 418,814 | 400,092 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Capitalized Computer Software, Net | ' | $4,495 | $10,890 |
Capitalized Computer Software, Amortization | 7,433 | 4,869 | ' |
Amortization of Intangible Assets | ' | 9,228 | 6,964 |
Research and Development Expense | 1,013,157 | 389,410 | ' |
Allowance for Doubtful Accounts Receivable, Current | 107,496 | 32,425 | ' |
Freight Costs | 71,179 | 35,779 | ' |
Shipping, Handling and Transportation Costs | 49,232 | 124,541 | ' |
Software and Software Development Costs [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Software and Software Development Costs [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Including External Customer Orders [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Research and Development Expense | $1,837,000 | $1,330,000 | ' |
Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' |
Note_3_Uncompleted_Contracts_D
Note 3 - Uncompleted Contracts (Details) - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Costs, Estimated Earnings, and Billings on Uncompleted Contracts [Abstract] | ' | ' |
Costs incurred on uncompleted contracts | $1,807,628 | $10,733,663 |
Estimated earnings | 1,229,038 | 9,465,412 |
3,036,666 | 20,199,075 | |
Billings to date | -1,711,587 | -17,944,876 |
1,325,079 | 2,254,199 | |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,577,969 | 2,730,104 |
Billings in excess of costs and estimated earnings on uncompleted contracts | ($252,890) | ($475,905) |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Inventories [Abstract] | ' | ' | ||
Raw materials | $4,058,350 | $1,441,370 | ||
Work-in-process | 300,460 | [1] | 304,916 | [1] |
Finished goods | 138,539 | 996,619 | ||
Totals | $4,497,349 | $2,742,905 | ||
[1] | See supplemental cash flow information |
Note_5_Property_Plant_and_Equi2
Note 5 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Amortization | $20,434 | $14,096 |
Note_5_Property_Plant_and_Equi3
Note 5 - Property, Plant and Equipment (Details) - Major Classes of Property, Plant and Equipment (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | $19,504,313 | $17,288,754 | ||
Less: Accumulated depreciation and amortization | -4,012,202 | -4,394,600 | ||
15,492,111 | 12,894,154 | |||
Depreciation and amortization expense (1) | 646,422 | [1] | 515,215 | [1] |
Land [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 2,220,000 | 2,110,000 | ||
Building [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 6,631,039 | 8,903,514 | ||
Building Improvements [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 5,417,620 | 1,746,712 | ||
Machinery and Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 2,329,299 | 2,034,012 | ||
Furniture and Fixtures [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 703,999 | 356,460 | ||
Computer Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 576,111 | 536,206 | ||
Transportation Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | 65,994 | 41,599 | ||
Lab Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property and equipment, gross | $1,560,251 | $1,560,251 | ||
[1] | Includes amortization expense of $20,434 and $14,096 for the years ending December 31, 2013 and 2012, respectively. Such amortization expense relates toother capitalized and intangible assets. |
Note_6_Intangible_Assets_Detai
Note 6 - Intangible Assets (Details) - Intangible Assets (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $248,032 | $236,906 |
Accumulated Amortization | 203,916 | 186,702 |
Carrying Amount | 44,116 | 41,614 |
Patents and Copyrights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '17 years | '16 years |
Cost | 57,818 | 46,692 |
Accumulated Amortization | 30,369 | 28,405 |
Carrying Amount | 27,449 | 18,287 |
Intellectual Property [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '15 years | '15 years |
Cost | 100,000 | 100,000 |
Accumulated Amortization | 83,333 | 76,673 |
Carrying Amount | 16,667 | 23,327 |
Licensing Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '5 years | '5 years |
Cost | 10,000 | 10,000 |
Accumulated Amortization | 10,000 | 10,000 |
Carrying Amount | 0 | 0 |
Certifications [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '3 years | '3 years |
Cost | 58,722 | 58,722 |
Accumulated Amortization | 58,722 | 58,722 |
Carrying Amount | 0 | 0 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '5 years | '5 years |
Cost | 21,492 | 21,492 |
Accumulated Amortization | 21,492 | 21,492 |
Carrying Amount | $0 | $0 |
Note_6_Intangible_Assets_Detai1
Note 6 - Intangible Assets (Details) - Estimated Amortization Expense Related to Intangible Assets (USD $) | Dec. 31, 2013 |
Estimated Amortization Expense Related to Intangible Assets [Abstract] | ' |
2014 | $7,242 |
2015 | 7,008 |
2016 | 6,943 |
2017 | 3,504 |
2018 | 1,839 |
Thereafter | 17,580 |
Total | $44,116 |
Note_7_Financing_Arrangements_
Note 7 - Financing Arrangements (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Mar. 15, 2012 | Aug. 05, 2011 | Apr. 30, 2013 | Dec. 31, 2012 | Aug. 05, 2011 | Aug. 05, 2011 | Mar. 15, 2012 | Aug. 05, 2011 | Aug. 01, 2011 | Aug. 01, 2011 | |
HSBC Bank [Member] | HSBC Bank [Member] | HSBC Bank [Member] | HSBC Bank [Member] | HSBC Bank [Member] | HSBC Bank [Member] | Capital One Bank [Member] | Capital One Bank [Member] | |||
Revolving Credit Facility [Member] | Five-Year Term Loan [Member] | Term Loan [Member] | ||||||||
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $7,000,000 | ' | ' | $9,100,000 | ' | $5,000,000 |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 2,100,000 | 6,000,000 | ' | 2,100,000 | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | 'Interest presently accrues on the Loan, at our option, at the variable rate of LIBOR plus 1.75% or HSBC's prime rate minus 0.50%. | 'Interest on the unpaid principal balance on this facility accrues at either (i) the LIBOR Rate plus 1.75% or (ii) the bank's prime rate minus 0.50%. | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 3.05% | ' | 1.92% | ' | ' | ' | ' | ' | ' |
Purchase Price for Property Exclusive of Closing Costs | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | $1,309,000 | ' | ' | ' | ' | ' | ' | ' |
Note_8_LongTerm_Debt_Details_L
Note 8 - Long-Term Debt (Details) - Long-Term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Totals | $5,285,508 | $8,322,841 |
Less: Current maturities | 720,000 | 935,822 |
Long-term debt | 4,565,508 | 7,387,019 |
HSBC 5-Year Loan Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | 1,120,000 | 1,540,000 |
GE Mortgage Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | ' | 1,007,841 |
HSBC Bank Mortgage Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured debt | $4,165,508 | $5,775,000 |
Note_8_LongTerm_Debt_Details_L1
Note 8 - Long-Term Debt (Details) - Long-Term Debt (Parentheticals) (USD $) | Aug. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
HSBC 5-Year Loan Payable [Member] | HSBC 5-Year Loan Payable [Member] | GE Mortgage Payable [Member] | GE Mortgage Payable [Member] | HSBC Bank Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | $2,100,000 | $2,100,000 | $2,700,000 | $2,700,000 | $6,000,000 |
Monthly installments | ' | $35,000 | $35,000 | ' | ' | $25,000 |
Interest rate | 3.05% | 3.05% | 3.05% | ' | ' | ' |
Collateral | ' | '800,000 | '800,000 | ' | ' | ' |
Variable rate | ' | ' | ' | ' | ' | 'LIBOR plus 1.75% or HSBC's prime rate minus 0.50% |
Note_8_LongTerm_Debt_Details_F
Note 8 - Long-Term Debt (Details) - Future Maturities of Long-Term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Future Maturities of Long-Term Debt [Abstract] | ' | ' |
2014 | $720,000 | ' |
2015 | 720,000 | ' |
2016 | 580,000 | ' |
2017 | 300,000 | ' |
2018 | 300,000 | ' |
Thereafter | 2,665,508 | ' |
$5,285,508 | $8,322,841 |
Note_9_Earnings_Per_Share_Deta
Note 9 - Earnings Per Share (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 187,730 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 162,730 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 200 |
Note_9_Earnings_Per_Share_Deta1
Note 9 - Earnings Per Share (Details) - Calculation of Basic and Diluted Weighted Average Common Shares | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Calculation of Basic and Diluted Weighted Average Common Shares [Abstract] | ' | ' |
Weighted average common shares outstanding basic earnings per share | 6,071,375 | 6,007,326 |
Stock options | ' | 124,911 |
Diluted earnings per share | 6,071,375 | 6,132,237 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Capital Loss Carryforwards | $78,000 | $268,237 |
Deferred Tax Assets, Operating Loss Carryforwards | 2,698,000 | ' |
Deferred Tax Assets, Valuation Allowance | 475,000 | 475,000 |
Investment Tax Credit Carryforward [Member] | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' |
Tax Credit Carryforward, Amount | 125,000 | ' |
Research Tax Credit Carryforward [Member] | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' |
Tax Credit Carryforward, Amount | $683,000 | ' |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components of Income Taxes (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | ' | ' |
Federal | $0 | $135,031 |
State | 0 | 7,782 |
Total current tax provision | 0 | 142,813 |
Deferred: | ' | ' |
Federal | -1,230,271 | -150,999 |
State | -166,136 | -27,308 |
Total deferred tax provision | -1,396,407 | -178,307 |
Income tax benefit | ($1,396,407) | ($35,494) |
Note_10_Income_Taxes_Details_D
Note 10 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Allowance for doubtful accounts | $45,148 | $13,618 |
Inventory capitalization | 36,591 | 15,792 |
Depreciation and amortization | -385,907 | -585,231 |
Investment tax credits | 600,000 | 600,000 |
Research & development tax credits | 683,495 | 435,051 |
Compensation costs | 239,876 | 235,384 |
Vacation accrual | 274,307 | 250,046 |
Capital loss carryforward | 78,000 | 268,237 |
Gross deferred tax asset | 2,629,304 | 1,232,897 |
Less valuation allowance | -475,000 | -475,000 |
Net deferred tax asset | 2,154,304 | 757,897 |
Net current deferred tax asset | 1,443,321 | 189,153 |
Net long-term deferred tax asset | $710,983 | $568,744 |
Note_10_Income_Taxes_Details_E
Note 10 - Income Taxes (Details) - Effective Income Tax Rate Reconcilliation (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconcilliation [Abstract] | ' | ' |
Expected provision at federal statutory tax rate (34%) | ($665,288) | $136,031 |
State taxes, net of federal benefit | -109,650 | -12,887 |
Stock-based compensation expense | -217,648 | -112,008 |
Domestic production activities deduction | ' | -16,298 |
Capital gains/(losses) carryforward | -111,225 | 104,138 |
Federal research & development credit | -248,444 | -98,726 |
Other permanent differences | -44,152 | -35,744 |
Income tax benefit | ($1,396,407) | ($35,494) |
Note_10_Income_Taxes_Details_E1
Note 10 - Income Taxes (Details) - Effective Income Tax Rate Reconcilliation (Parentheticals) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconcilliation [Abstract] | ' | ' |
Federal statutory tax rate | 34.00% | 34.00% |
Note_11_Stockholders_Equity_De
Note 11 - Stockholders' Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Nov. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 12, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 15, 1989 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | The 2001 Non-Qualified Stock Option Plan [Member] | The 2001 Non-Qualified Stock Option Plan [Member] | The 2001 Non-Qualified Stock Option Plan [Member] | The 2001 Non-Qualified Stock Option Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | The 2007 Share Incentive Plan [Member] | Three Plans [Member] | Minimum [Member] | Maximum [Member] | |||||
Minimum [Member] | Maximum [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Directors and Key Employees [Member] | ||||||||||||||||||||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 300,000 | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '7 years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '7 years | '10 years |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 14,000 | 0 | 0 | ' | 28,087 | 19,975 | 200 | 16,500 | 40,400 | 0 | 0 | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $7.90 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | $461,195 | $234,858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | 187,730 | ' | ' | ' | ' | ' | ' | ' | ' | 35,250 | 41,900 | 102,000 | ' | ' | ' | ' | 152,480 | 162,480 | 170,590 | ' | ' | ' | ' | ' | 0 | 200 | 200 | 187,730 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 16,650 | 68,210 | ' | ' | ' | ' | ' | ' | ' | 6,650 | 60,100 | ' | ' | ' | ' | ' | 10,000 | 8,110 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | 90,988 | 442,907 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | 123,000 | 142,000 | 190,000 | 86,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | 132,000 | ' | 1,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '2 years 127 days | ' | '2 years 186 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | $462,000 | $235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_Stockholders_Equity_De1
Note 11 - Stockholders' Equity (Details) - Stock Option Plan (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | ' | ' |
Number of shares, Exercised during period | 16,650 | 68,210 |
Number of shares, Ending balance outstanding | 187,730 | ' |
Number of shares, Exercisable | 162,730 | ' |
The 1989 Non-Qualified Stock Option Plan [Member] | ' | ' |
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | ' | ' |
Number of shares, Beginning balance outstanding | 41,900 | 102,000 |
Number of shares, Granted during period | 0 | 0 |
Number of shares, Exercised during period | 6,650 | 60,100 |
Number of shares, Canceled during period | 0 | 0 |
Number of shares, Ending balance outstanding | 35,250 | 41,900 |
Number of shares, Exercisable | 35,250 | 41,900 |
Weighted average exercise price per share, Beginning balance outstanding (in Dollars per share) | 4.82 | 4.35 |
Weighted average exercise price per share, Granted during period (in Dollars per share) | 0 | 0 |
Weighted average exercise price per share, Exercised during period (in Dollars per share) | 0 | 0 |
Weighted average exercise price per share, Canceled during period (in Dollars per share) | 0 | 0 |
Weighted average exercise price per share, Ending balance outstanding (in Dollars per share) | 4.62 | 4.82 |
Weighted average exercise price per share, Exercisable (in Dollars per share) | 4.62 | 4.82 |
The 2001 Non-Qualified Stock Option Plan [Member] | ' | ' |
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | ' | ' |
Number of shares, Beginning balance outstanding | 162,480 | 170,590 |
Number of shares, Granted during period | 0 | 0 |
Number of shares, Exercised during period | 10,000 | 8,110 |
Number of shares, Canceled during period | 0 | 0 |
Number of shares, Ending balance outstanding | 152,480 | 162,480 |
Number of shares, Exercisable | 127,480 | 124,980 |
Weighted average exercise price per share, Beginning balance outstanding (in Dollars per share) | 4.35 | 4.41 |
Weighted average exercise price per share, Granted during period (in Dollars per share) | 0 | 0 |
Weighted average exercise price per share, Exercised during period (in Dollars per share) | 0 | 0 |
Weighted average exercise price per share, Canceled during period (in Dollars per share) | 0 | 0 |
Weighted average exercise price per share, Ending balance outstanding (in Dollars per share) | 4.4 | 4.35 |
Weighted average exercise price per share, Exercisable (in Dollars per share) | 4.35 | 4.27 |
The 2007 Share Incentive Plan [Member] | ' | ' |
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | ' | ' |
Number of shares, Beginning balance outstanding | 200 | 200 |
Number of shares, Granted during period | 0 | 0 |
Number of shares, Exercised during period | 0 | 0 |
Number of shares, Canceled during period | 200 | 0 |
Number of shares, Ending balance outstanding | 0 | 200 |
Number of shares, Exercisable | 0 | 200 |
Weighted average exercise price per share, Beginning balance outstanding (in Dollars per share) | 11.51 | 11.51 |
Weighted average exercise price per share, Ending balance outstanding (in Dollars per share) | ' | 11.51 |
Weighted average exercise price per share, Exercisable (in Dollars per share) | ' | 11.51 |
Note_11_Stockholders_Equity_De2
Note 11 - Stockholders' Equity (Details) - Information About the Outstanding and Exercisable Options (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options outstanding, number outstanding (in Shares) | 187,730 |
Options exercisable, number exercisable (in Shares) | 162,730 |
Range of $3.00 - 3.99 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options outstanding, number outstanding (in Shares) | 62,000 |
Options outstanding, weighted average remaining contractual | '3 years 346 days |
Options outstanding, weighted average exercise price | $3.65 |
Options outstanding, intrinsic value (in Dollars) | $675,180 |
Options exercisable, number exercisable (in Shares) | 62,000 |
Options exercisable, weighted average exercise price | $3.65 |
Options exercisable, intrinsic value (in Dollars) | 675,180 |
Range of $3.00 - 3.99 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower range | $3 |
Range of $3.00 - 3.99 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, upper range | $3.99 |
Range of $4.00 - 4.49 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options outstanding, number outstanding (in Shares) | 15,930 |
Options outstanding, weighted average remaining contractual | '6 years 14 days |
Options outstanding, weighted average exercise price | $4.25 |
Options outstanding, intrinsic value (in Dollars) | 163,920 |
Options exercisable, number exercisable (in Shares) | 15,930 |
Options exercisable, weighted average exercise price | $4.25 |
Options exercisable, intrinsic value (in Dollars) | 163,920 |
Range of $4.00 - 4.49 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower range | $4 |
Range of $4.00 - 4.49 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, upper range | $4.49 |
Range of $4.50 - 4.99 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options outstanding, number outstanding (in Shares) | 100,000 |
Options outstanding, weighted average remaining contractual | '3 years 284 days |
Options outstanding, weighted average exercise price | $4.62 |
Options outstanding, intrinsic value (in Dollars) | 992,000 |
Options exercisable, number exercisable (in Shares) | 75,000 |
Options exercisable, weighted average exercise price | $4.62 |
Options exercisable, intrinsic value (in Dollars) | 744,000 |
Range of $4.50 - 4.99 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower range | $4.50 |
Range of $4.50 - 4.99 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, upper range | $4.99 |
Range of $5.00 - 7.99 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options outstanding, number outstanding (in Shares) | 9,800 |
Options outstanding, weighted average remaining contractual | '7 years 14 days |
Options outstanding, weighted average exercise price | $7.90 |
Options outstanding, intrinsic value (in Dollars) | 65,072 |
Options exercisable, number exercisable (in Shares) | 9,800 |
Options exercisable, weighted average exercise price | $7.90 |
Options exercisable, intrinsic value (in Dollars) | $65,072 |
Range of $5.00 - 7.99 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower range | $5 |
Range of $5.00 - 7.99 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, upper range | $7.99 |
Note_11_Stockholders_Equity_De3
Note 11 - Stockholders' Equity (Details) - Restricted Stock and Restricted Stock Units Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Note 11 - Stockholders' Equity (Details) - Restricted Stock and Restricted Stock Units Activity [Line Items] | ' | ' | ' |
Unvested outstanding | 12,000 | 16,000 | 20,000 |
Unvested outstanding, weighted average grant date fair value | $10.97 | $10.97 | $10.97 |
Granted | 7,800 | 8,000 | ' |
Granted, weighted average grant date fair value | $10.16 | $12.32 | ' |
Vested | -11,800 | -12,000 | ' |
Vested, weighted average grant date fair value | $10.43 | $11.87 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Note 11 - Stockholders' Equity (Details) - Restricted Stock and Restricted Stock Units Activity [Line Items] | ' | ' | ' |
Unvested outstanding | 144,243 | 30,575 | 35,300 |
Unvested outstanding, weighted average grant date fair value | $11.26 | $8.29 | $7.19 |
Granted | 133,955 | 7,125 | ' |
Granted, weighted average grant date fair value | $11.66 | $11.95 | ' |
Vested | -20,287 | -11,850 | ' |
Vested, weighted average grant date fair value | $9.38 | $7.22 | ' |
Note_12_Defined_Contribution_P1
Note 12 - Defined Contribution Plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Minimum Period of Continuous Service to be Eligible for Defined Contribution Plan Participation | '3 months | ' |
Defined Contribution Plan, Administrative Expenses | $2,380 | $2,317 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0 | $0 |
Note_13_Significant_Risks_and_1
Note 13 - Significant Risks and Uncertainties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 13 - Significant Risks and Uncertainties (Details) [Line Items] | ' | ' |
Cash, Uninsured Amount (in Dollars) | $9,834,765 | $4,397,166 |
Number of Major Customers | 1 | 1 |
Export Sales to Unaffiliated Customers as Percentage of Total Sales | 27.30% | 24.40% |
Customer Concentration Risk [Member] | Sales [Member] | ' | ' |
Note 13 - Significant Risks and Uncertainties (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 23.70% | 16.60% |
Note_15_Segment_Reporting_Deta
Note 15 - Segment Reporting (Details) - Segment Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $39,141,639 | $42,525,261 | ||
Revenue | 17,883,927 | 22,157,737 | ||
Interest Expense | 163,738 | 204,874 | ||
Depreciation and amortization | 646,422 | [1] | 515,215 | [1] |
Capital expenditures | 2,071,557 | 11,796,740 | ||
Pretax (loss)/earnings | -1,956,730 | 400,092 | ||
CVD [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 39,783,689 | 43,872,295 | ||
Revenue | 13,136,083 | 19,149,704 | ||
Interest Expense | 162,914 | 195,861 | ||
Depreciation and amortization | 571,046 | 442,227 | ||
Capital expenditures | 1,954,621 | 11,767,024 | ||
Pretax (loss)/earnings | -2,697,114 | -18,722 | ||
SDC [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 6,334,352 | 4,628,432 | ||
Revenue | 5,155,641 | 4,394,945 | ||
Interest Expense | 824 | 9,013 | ||
Depreciation and amortization | 75,376 | 72,988 | ||
Capital expenditures | 116,936 | 29,716 | ||
Pretax (loss)/earnings | 740,384 | 418,814 | ||
Intersegment Eliminations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | -6,976,402 | -5,975,466 | ||
Revenue | ($407,797) | ($1,386,912) | ||
[1] | Includes amortization expense of $20,434 and $14,096 for the years ending December 31, 2013 and 2012, respectively. Such amortization expense relates toother capitalized and intangible assets. |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | |
Apr. 12, 2012 | Jan. 26, 2010 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Gain Contingency, Unrecorded Amount | ' | $5,816,000 |
Loss Contingency, Damages Sought, Value | $3,564,000 | ' |